Spanish Energy Company Repsol Bolsters Renewables Business Via Asterion Energies Acquisition

Repsol SA REPYY has acquired Asterion Energies from European infrastructure fund Asterion Industrial for €560 million plus up to €20 million in contingent payments.
Repsol expects the deal to strengthen its presence in key European markets and consolidates its international expansion in OECD markets.
Asterion Energies manages a portfolio of renewable projects mostly under development totaling 7,700 megawatts (MW) in Spain (84%), Italy (12%), and France (4%).
Asterion's asset portfolio includes 4,900 MW of PV solar and 2,800 MW of wind generation, of which 2,500 MW are at an advanced stage of development or under construction.
"We are realizing our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy," said Repsol CEO Josu Jon Imaz.
In 2019, Repsol committed to achieving zero net emissions by 2050.
The company's 2021-2025 Strategic Plan envisages reaching 6,000 MW of installed renewable generation capacity by 2025 and 20,000 MW by 2030.
Repsol entered the U.S. renewables market by purchasing 40% of Hecate Energy.
Price Action: REPYY shares closed lower by 0.46% at $15.14 on Thursday.
Photo Via Wikimedia Commons